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South Cook News

Tuesday, November 26, 2024

Former state school employee Mizera paid in $45K to teachers' pension fund, could collect $874K in retirement

Money 08

Former state school employee Kelly Mizera, who retired in February 2017, saved $44,927 toward a pension over 16 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Mizera would collect as much as $873,581, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Mizera received $18,362 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mizera will have already received $56,755 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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